Down Payment Assistance Loans
Down Payment Assistance (DPA) programs are designed to help homebuyers - especially first-time buyers - overcome one of the biggest hurdles to homeownership: saving enough for a down payment. These programs provide grants, forgivable loans, or second mortgages that reduce the upfront cash needed to purchase a home.
DPA can come from a variety of sources, including state and local housing agencies, nonprofits, and certain lenders. Some programs are geared toward low-to-moderate income buyers, while others are available based on location, profession (such as teachers or first responders), or credit history.
Most down payment assistance programs are layered with FHA or Conventional financing, allowing you to get into a home with little or no money out of pocket. Qualification criteria typically include income limits, minimum credit scores, and completion of a homebuyer education course.
If you're ready to buy a home but struggling with the down payment, Down Payment Assistance could be the solution to help you get into your home sooner.
Down Payment Assistance Loan Characteristics
1) DPA programs help cover the upfront cost of a down payment, making homeownership more accessible.
2) Assistance may come in the form of grants (which don’t need to be repaid), deferred-payment loans, or second mortgages.
3) Are typically combined with FHA or Conventional loans.
4) Eligibility is often based on income, credit score, and completing a homebuyer education course.
5) Programs are available for first-time buyers and repeat buyers, depending on the area and program.
6) Some DPA programs offer up to 3.5%–5% of the home’s purchase price—enough to cover most FHA down payments.
7) Down Payment Assistance can be the key to buying a home sooner, without draining your savings.
5) Reverse mortgages can be used to supplement retirement income, pay off debt, or cover unexpected expenses.
6) Homeowners must continue to pay property taxes, insurance, and maintenance costs while they have a reverse mortgage.
7) It's important to carefully consider the pros and cons of a reverse mortgage before deciding if it's the right option for you.
NEXA Mortgage LLC is an Equal Housing Lender
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Name: Brad Spies
PH: (602) 430-9414
Email: [email protected]
NMLS#: 2094404
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NMLS# - 1660690 | 5559 S Sossaman Rd, Bldg 1 Ste 101 Mesa, AZ 85212
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